The lobby of the Brooklyn Academy of Music, where the New York City Opera performed it's final show "Anna Nicole"Getty Images

When Mayor Fiorello La Guardia helped found the New York City Opera during World War II, it was known as “the people’s opera.” In other words, a company that would present the then-hugely popular art form at affordable prices, compared to the more elitist Metropolitan Opera.

After seven decades of doing just that — and launching the careers of such stars as Beverly Sills and Placido Domingo — the final curtain rang down this week on the New York City Opera.

The truth is the company was never hugely profitable. But a series of bad decisions in recent years hastened its decline, leading officials to file for bankruptcy after failing to raise enough cash to keep going.

That’s a loss for New York. The New York City Opera not only made the standard opera repertoire affordable for generations of city residents, it pioneered innovative contemporary operas and performed rare works by classic composers.

Moreover, it championed young, emerging American singers who came to dominate the opera world, giving them a prominent stage in their native country.

Sadly, as Mayor Bloomberg noted, the “business model doesn’t seem to be ­working.” That’s mainly due to the way the company was run in its later years, which makes City Opera’s demise all the more painful. Still, for more than 70 years, it gave opera lovers many an unforgettable evening. RIP.